Beyond Meat's stock has surged more than 700% since its initial public offering this spring, but short sellers are betting that it will drop.
Short sellers are betting that Beyond's stock falls, but they have lost $427.8 million so far in July.Beyond Meat CEO Ethan Brown celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.In May, the maker of meat alternatives set its initial public offering price at $25 per share. Since then, the stock has surged 794% and hit a record high of $239.71 last week.
"It's captured the imagination of every amateur shortseller out there," Andrew Left of Citron Research said. Friday's rally resulted in $66.5 million in losses for short sellers, according to S3 Partners. So far in July, they are down $427.8 million.
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